# In the matter of Micro Forge (India) Ltd. IA 375-2019 in C.P. (IB) No. 22-NCLT-AHM-2017

> NCLT judgment dated 2020-02-12. Citation: TCN-2020-NCLT-01981. The case pertains to an Interlocutory Application (IA) No. 375 of 2019 filed in connection with…

- **Court:** NCLT
- **Order date:** 12 Feb 2020
- **Citation:** TCN-2020-NCLT-01981
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/micro-forge-india-ltd-ia-375-2019-in-cp-ib-no-22-nclt-ahm-2017-5c908e9b

## Summary

### Background

The case pertains to an Interlocutory Application (IA) No. 375 of 2019 filed in connection with Corporate Insolvency Resolution Process (CIRP) of Micro Forge (India) Limited. The CIRP was initiated following an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. Prior to CIRP, a reference filed before the BIFR was abated, and the secured creditor, State Bank of India, had taken action under the SARFAESI Act, 2002, selling the company's assets. The Adjudicating Authority initiated CIRP against the Corporate Debtor, declared a moratorium, and appointed Mr. Arun Kumar Malani as Interim Resolution Professional (IRP). The Committee of Creditors (CoC) resolved to replace the IRP with Mr. Premraj Ramratan Laddha as Resolution Professional, who was later

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## Facts

Micro Forge (India) Limited underwent Corporate Insolvency Resolution Process (CIRP) following an application under Section 10 of the Insolvency and Bankruptcy Code, 2016. Prior to CIRP, a reference before the BIFR was abated, and State Bank of India, the secured creditor, sold the company's assets under the SARFAESI Act, 2002. The Adjudicating Authority initiated CIRP, declared a moratorium, and appointed Mr. Arun Kumar Malani as Interim Resolution Professional (IRP). Mr. Premraj Ramratan Laddha replaced him as Resolution Professional and later as Liquidator. The Committee of Creditors (CoC) voted for liquidation under Section 33(2) of the IBC. The liquidator made public announcements, prepared a stakeholder list, opened a bank account, and submitted progress reports.

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## Issues and analysis

### Issue 1: Whether the petitioner Liquidator has duly complied with the prescribed procedure seeking for …

**Ratio:** Section 54 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for the

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**Reasoning:** The Adjudicating Authority reviewed the submissions and documents annexed with the

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**Interpretation:** Section 54 of the I.B. Code, 2016, is interpreted to mean that once the assets

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**Application:** In this case, the liquidator, Mr. Premraj Ramratan Laddha, had taken all

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Premraj Ramratan…
- **Respondents:** Micro Forge…; State Bank of…

## Timeline

- **2011-02-09 — BIFR Referenc…**: The reference filed…
- **2012-01-01 — Assets Sold Under…**: Fixed assets sold by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54 — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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